INTERNET-BASED NEXITY BANK TO OFFER IRA CDs

FOR IMMEDIATE RELEASE
September 14, 2000

(Birmingham, AL) – With deposits of $135 million and total assets amounting to $155 million, Nexity Bank, member FDIC, will begin offering IRA CDs on September 18, 2000. The bank will offer rates as high as 6.9 percent APY on one-year IRA CDs and 6.95 percent APY on two and three-year IRA CDs, according to Nexity Bank CEO, Greg Lee.

“In order to control growth and manage our balance sheet, we have been very deliberate in bringing new products to the market,” said Lee. “Adding IRA CDs is the next step for us in building a complete product line and further satisfying our customers’ banking needs.”

Via their Web site, www.nexitybank.com, Nexity Bank will offer Traditional and Roth IRAs that are designed to help individuals plan for retirement. In many cases, Nex-IRA contributions and the interest earned will be tax-free and/or tax-deductible. Other benefits of Nexity Bank IRA CDs include:

Traditional IRA CDs
Traditional IRAs are time deposit accounts that allow individuals to defer the payment of taxes on earnings until they are withdrawn. Additionally, certain deposit contributions may be tax deductible in the tax year for which they are made. Individuals under the age of 70½ with earned income are eligible to establish traditional IRAs.

Roth IRAs
A Roth IRA enables individuals to save for the future and save on taxes as well. With the Roth IRA, contributions are not tax deductible, however, withdrawals are tax free if certain conditions are met. Unlike traditional IRAs, the Roth IRA does not require individuals to begin withdrawing funds at age 70½.

Nexity Bank IRAs can be established by opening a new IRA, rolling over an existing IRA or rolling over funds from an existing qualified plan. Go to www.nexitybank.com for more information on Nexity Bank IRA CDs.

Nexity Bank currently offers home equity loans and lines, money market accounts, interest checking, personal checking, business checking, savings accounts, CDs, ATM/Check Cards, on-line bill pay and overdraft protection. Nexity Bank provides free Internet access to customer accounts 24 hours-a-day, seven days-a-week, plus on-line viewing of cancelled checks. On-line statements are coming soon. Additionally, the Bank has an alliance with Mortgage.com to offer mortgage products to its customers.